Santander simplifies US money transfers

Posted 19 August, 2019

Santander, Spain's largest bank, uses Ripple xCurrent technology to create payment corridors in South America. Clients of a financial institution from Latin America will be able to instantly and free to conduct transactions in the United States using the One Pay FX application.

At the moment, the system operates between the UK and Spain. In the future, Brazil, Uruguay, Chile, and Mexico will be connected to it. Payment corridors will open for countries one at a time, at the moment it is not known which one will get access to xCurrent first.

“Customers who were not doing international transfers are now using the service, customers who were using international transfer are now doing it more, and customers who had gone to use fintech competition have come back because of the One Pay offering.” - stated CEO of One Pay FX Cedric Menager.

In March, Santander Bank said that the Ripple XRP token is used to conduct international transactions in 18 EU countries and the United States. The next day, the company called this information erroneous, since xCurrent technology works without the use of a startup's cryptocurrency.

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